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U.N. awards $1B in compensation to Kuwait for 1990 invasion losses

July 25, 2013 at 3:42 PM

GENEVA, Switzerland, July 25 (UPI) -- Kuwait was awarded more than $1 billion in compensation Thursday for damages caused by Iraq's 1990 invasion, a United Nations panel announced.

The money was awarded on behalf of the Kuwait Petroleum Corp., from a fund generated by a percentage of the proceeds from export sales of Iraqi petroleum and petroleum products, the U.N. Compensation Commission said in a statement.

The commission said it has now paid out $42.3 billion in compensation from the fund.

The U.N. panel has paid compensation to 1.5 million claimants from nearly 3 million claims submitted by about 100 governments since it was established in 1991.

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